Mumbai: Videocon Industries said on 14 August drilling in a Timor Sea exploration block, where it holds 25% stake, will begin next year.
Videocon’s share of exploratory expenditure would be $18.9 million, a company press release said.
Besides Videocon, Gujarat State Petroleum Corp, Bharat Petroleum and Oilex of Australia also have 25% stake each in Block 103 in Joint Petroleum Development Area (JPDA) located in the Timor Sea between Australia and Timor-Leste.
JPDA is within the Bonaparte Basin that is estimated to hold 23 trillion cubic feet of gas reserves.
Videocon said a contract for 1,657 sq km of 3-D data acquisition has been awarded at an estimated cost of $18.6 million. About 1,055 sq km of reprocessed 3-D data to the north of the block has already been acquired, it added.